FAQ

What is Ahoy?

Ahoy is a platform for collectively bringing ideas to life. Request anything from anyone by crowdfunding a bounty toward a defined goal. By pooling funds in a smart contract escrow, like-minded strangers can incentivize anything they want to happen.

What is a bounty?

A bounty is a sum of money that gets paid if – and only if – something happens. When you create one, you choose who will make the event happen and who will be rewarded (via Twitter handle or wallet address). No matter what, payees get paid or backers get refunded.

Here’s a diagram of the process:

Proposed.
Anyone can add or remove funds until all fulfillers accept.
Nothing happens. Backers can reclaim their funds.
Nothing happens.
Backers can reclaim their funds.
Fulfillers accept.
Reward is locked until they submit proof of the event, or the deadline passes.
Proof of work isn’t submitted in time. Backers can reclaim their funds.
Timed out.
Proof of work isn’t submitted in time. Backers can reclaim their funds.
Proof was submitted!
View the submission to see what the fulfillers did.
Vote.
All backers have up to 1 week to vote on if the proof fulfilled the original proposal. Majority rules, weighted by stake.
Fraud check.
We spend 48 hours making sure nothing went wrong, so funds can be released according to the vote.
Payees get paid.
or
Backers get refunded.

Why blockchain?

So that you don’t have to take anyone on their word. The blockchain guarantees commitments in unchangeable code. With all terms spelled out in a smart contract, users can coordinate around a unchangeable bounty.

As the person fulfilling it, you don’t need to worry about bounced checks or empty donation promises. As backers, you’re able to vote on if the fulfiller did their job. The bounty is controlled by the people who want the thing to happen, not the platform.

Ahoy is built on the Solana Blockchain, an openly accessible piece of infrastructure, which means that all financial commitments are permanently visible to all.

How do you prevent manipulation?

The final step for each bounty is a 48-hour fraud review by the Ahoy team. We’ll only step in to prevent fraud or abuse. This was an intentional design decision to prevent clear cases of bad faith voting, like 51% attacks. We plan to decentralize this review process over time.

For Creators

  1. Write a description of something that you want a specific person (or entity) to do.
  2. Identify them via their Twitter handle or Solana wallet address.
  3. Choose who will be paid if the event happens. This can be the same person / entity or a different one, such as a charity.

If a bounty is fulfilled, you can choose to receive 5% of the payout as the originator of the idea. You are also permanently recognized on the blockchain as creator of the bounty.

No. This ensures that everyone involved knows exactly what they’re getting into. If you decide that another version of the bounty is better, you can create a new one with the changes.

For Backers

In short, it’s held in a escrow-like smart contract until the event happens and the payees get paid, or the bounty expires and you get your money back. Until all fulfillers accept the proposal, you can add or remove funds as many times as you want. If they accept, fulfill the proposal, and submit proof, backers will vote on if the proof is good.

If so, payees get paid. If not, you get your money back in full (minus tiny Solana transaction fees). This also happens if the fulfiller accepts but doesn’t submit by the given deadline.

You get ownership of the bounty based on how much money you contributed. Right now, that gives you the ability to vote on if funds are released – but in the future, it could be used as an access token (like a ticket to an event). You are also permanently recognized on the blockchain as a backer.

For Fulfillers

You’ll need to verify your identity by connecting your Twitter account, or by logging into your crypto wallet.

To connect your Twitter account, make an account with us, and then click “Connect to Twitter” from the navigation dropdown. Follow the directions on the popup.

Afterward, you should be able to accept it on the bounty’s page! If you have trouble, email us at contact@ahoy.fund.

You’ll need to submit a link to a webpage that includes proof. This can be as simple as a Google Doc, or as advanced as a high-production YouTube video. Your call.

A well-written proposal should include criteria to prove that you’ve fulfilled it. Make sure to check the deadline for submitting as well!

You’ll be paid if more than 50% of backers vote that you fulfilled the proposal, weighted by their stake.

If you believe backers of a bounty you’re involved with are maliciously withholding funds or engaging in fraud, please email us at contact@ahoy.fund. We will make a fair decision based on the original title and description that was written to the blockchain.

Details

Actions that interact with the Solana blockchain will cost a tiny transaction fee. This includes adding and removing funds, connecting your wallet to your Twitter handle, accepting bounties, submitting proofs, voting, and creating bounties.

There are currently no platform fees for Ahoy. If we decide to add fees, they will come with plenty of notice and won’t affect existing bounties.

Ahoy was built by a tightly knit group of hackers, designers, artists, and entrepreneurs. Learn about us

All data is written to and read from the Solana blockchain and IPFS. On each bounty page, you can view everything in the “Blockchain Details” section. In other words, our site is a way to visually interface with the smart contracts on Solana.